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A couple stored IRA gold at home and now owe IRS more than $300,000
By Laura Saunders
The Wall Street Journal
Friday, December 3, 2021
It's official: Owners of individual retirement accounts with assets invested in gold and silver coins can't store them in a safe at their home.
So ruled the judge in a recent tax court case, Andrew McNulty et al. v. Commissioner. The decision will cost McNulty and his wife, Donna, dearly -- taxes of nearly $270,000 on about $730,000 of IRA assets, plus penalties likely to exceed $50,000.
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The ruling disallows a scheme that was heavily promoted several years ago, when radio and internet ads touted the benefits of using IRA assets to buy gold and silver coins and then store them at home or in a safe-deposit box.
Promoters based pitches on a perceived ambiguity in the law, despite warnings from the Internal Revenue Service and legal specialists. ...
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